Compilations - Specific Topics

Overview:

This course will go through the areas of CSRS 4200 where practitioners are facing challenges in applying the standard. Illustrations will be provided on how to handle these challenges and address concerns noted by practice review inspections. An overview of resources available to practitioners will be provided, including CPA Canada resources. 

In this course, practical examples will be used to illustrate areas where practitioners are having difficulty following the standard, from the scope of the standard to engagement acceptance or continuance decisions, performance of the engagement, and reporting. Practice inspection deficiencies identified nationally will be reviewed. There will also be a brief overview of CPA Canada’s resources – relevant tools and resources for the practitioner, along with a brief overview of Knotia and its relevant content and how to search this resource.

Course Content:

In this course, you will gain knowledge about the following topics:

• Challenges faced by practitioners applying CSRS 4200
  • Scope
  • Client acceptance / continuance
  • Performance of the engagement
• Application of ethical standards including independence and other code of conduct requirements
• Documenting knowledge of the entity
• Documenting work done reconciling from client records to compiled financial information
• Addressing withdrawal from the engagement
• Addressing events after issuance
  • Reporting on the engagement
• Compilation Engagement Report
• Basis of Accounting Note
• Practice review inspection findings for CSRS 4200 engagements
  • Findings to date
  • How to address these issues
• Practitioner Resources
  • CPA Canada Site
  • CPA Canada Store
  • Knotia
  • External Resources

Learning Objectives:

By the end of this course, you should be able to:

• Overcome any challenges firms face in appropriately applying CSRS 4200 for compilation engagements
• Describe and address practice inspection issues identified
• Research what CPA Canada support resources are available to practitioners 

Who Will Benefit: 

New and experienced practitioners performing corporate income tax return and compilation of financial statements engagements.